Contents

1 . 1 Role of Marketing …………………………………………………………………………

1 . 2 Marketing Management Functions ……………………………………………………...

2 . 1 The Value of Customers ………………………………………………………………….

2 . 2 Consumer Behavior ………………………………………………………………………

3 . 1 Market Segmentation …………………………………………………………………….

3 . 2 Targeting …………………………………………………………………………………..

3 . 3 Positioning ………………………………………………………………………………...

4 . 1 Marketing plan …………………………………………………………………………..

5 . 1 Marketing Mix in Marketing Strategy …………………………………………………

 Single Diploma in Business Management

Subject : Principles of Marketing Name : Ei Ei Zin

Due of Assignment : 13.8.2017

Task 1

SQ 1 : Under the role of marketing and marketing management functions.

1 . 1 . Role of Marketing

Marketing involves a range of activities which help a business to sell its products .However,
market is not just about selling, it involves.

 Understanding the economic and competitive features of sector.

 Identifying target markets.
 Identifying segments within a target market.
 Identifying most appropriate strategies.
 Commissioning , understanding and acting upon market research.
 Understanding competitors and their strategies and likely responses.
 Understanding where brand needs to be in future.
 Creating and delivering marketing plans to get there.
 Charging the right price.
 Persuading customers to buy prouds.
 Making products available in convenient locations.

1 . 2 . Marketing Management Functions

Management is the processes of planning, organizing directing motivating and coordinating and
controlling of various activities of a firm. Marketing is the process of satisfying the needs and
wants of the consumers. Management of marketing activities is Marketing Management.
 Management Guru Philip Kotler defines marketing as “Marketing Management is the analysis,
planning, implementation anc control of programmes designed to bring about the desired
exchanges with target audiences for the purpose of personal and mutual gain. It relies heavily on
adoption and coordination of the product, price, promotion and place for achieving response”:
In other words, a business discipline, which is focused on the practical application of marketing
techniques and the management of a firm’s marketing resources and activities, is Marketing
Management.
Marketing Management has the responsibility of to perform many functions in the field of
marketing such as planning, organizing, directing, motivating, coordinating and controlling. All
these function aim to achiven the marketing goals.
Following is a brief summary of functions of Marketing

1. Marketing Objectives: marketing management determines the marketing

objectives. The marketing objectives may be short term or long term and need a clear
approach. They have to be in coherence with the aims and objectives of the organization.
2. Planning: After objectively determining the marketing Objectives, the important function
of the marketing Management is to plan how to achieve those objectives. This includes
sales forecast, marketing programmes formulation, marketing strategies.
3. Organization: A plan once formulated needs implementation. Organizing functions of
marketing management in volves the collection and coordination of required means to
implement a plan and to achieved pre determined objectives. The organization involves
structure of marketing organization, duties, responsibilities and powers of various
members of the marketing organization.
4. Coordination: Coordination refers to harmonious adjustment of the activities of the
marketing organization. It involves coordination among various activities such as sales
forecasting, product planning, product development, transportation, warehousing etc.
5. Direction: Direction in marketing management refers to development of new markets,
leadership of employees, motivation, inspiration, guiding and supervision of the
employees.
6. Control: Control refers to the effectiveness with which a marketing plan is implemented.
It involves the determination of standards, evaluation of actual performance, adoption of
corrective measures,
7. Staffing: Employment of right and able employees is very crucial to success of a market
plan. The market manager coordinates with the Human Resource Manager of an
organization to be able to hire the staff with desired capability.
8. Analysis and Evaluation: The marketing management involves the analysis and
evaluation of the productivity and performs mace of individual employees.

Task 2
LQ 1 . Understand the value of customers and their consumer behavior.

2 . 1 The Value of Customers

Customer value can be examined at different levels.At a low level, customer value can be viewed
as the attributes of a product that acustomer perceives to receive value from.At a higher level,
customer value can be viewed as the emotional payoff and achievement of a goal or desire.When
customers derive value from a product , they derive value from the attributes of the product
as well as from the attribute performance and the consequence of achieving desired goals from
the use of the product(Woodruff ,1997).

For Examples , from a customer ‘s perspective ,the value of acup of coffee enjoyed with a
friend at a coffee shop might be greater than the value of a take-out cup of coffee.While the
monetary cost of the cup of coffee on both cases might be the same,the value the customer
extracts is different.

To develop compelling customer value propositions, a supplier needs to keep in mind the
following:

1. There are two stages at which customers assess value: before and after they purchase a
product or service.
2. Value is perceived at various levels:therefore,value needs be delivered at various levels.
3. Understanding what customers value is the first step in delivering customer value.

2 . 2 Consumer Behavior

Consumer behavior is a branch which deals with the various stages a consumer goes through
before purchasing products or services for his end use.

I accept that customer is the King today.

An example of a change in consumer behavior is the eating habits of consumers that

dramatically increased the demand for gluten-free (GF) products. The companies that monitored
the change in eating patterns of consumers created GF products to fill a void in the marketplace.
However, many companies did not monitor consumer behavior and were left behind in releasing
GF products. Understanding consumer behavior allowed the pro-active companies to increase
their market share by anticipating the shift in consumer wants.

To fully understand how consumer behavior affects marketing, it's vital to understand the three
factors that affect consumer behavior: psychological, personal, and social.

Psychological Factors

In daily life, consumers are being affected by many issues that are unique to their thought
process. Psychological factors can include perception of a need or situation, the person's ability
to learn or understand information, and an individual's attitude. Each person will respond to a
marketing message based on their perceptions and attitudes. Therefore, marketers must take
these psychological factors into account when creating campaigns, ensuring that their campaign
will appeal to their target audience.

Personal Factors

Personal factors are characteristics that are specific to a person and may not relate to other people
within the same group. These characteristics may include how a person makes decisions, their
unique habits and interests, and opinions. When considering personal factors, decisions are also
influenced by age, gender, background, culture, and other personal issues.

For example, an older person will likely exhibit different consumer behaviors than a younger
person, meaning they will choose products differently and spent their money on items that may
not interest a younger generation.

Social Factors

The third factor that has a significant impact on consumer behavior is social characteristics.
Social influencers are quite diverse and can include a person's family, social interaction, work or
school communities, or any group of people a person affiliates with. It can also include a
person's social class, which involves income, living conditions, and education level. The social
factors are very diverse and can be difficult to analyze when developing marketing plans.

However, it is critical to consider the social factors in consumer behavior, as they greatly
influence how people respond to marketing messages and make purchasing decisions. For
example, how using a famous spokesperson can influence buyers.

Task 3

LQ 1 : Understand the Market Segmentation, Targeting and Position.

3 . 1 Market Segmentation

The division of a broad market into small segments comprising of individuals who think on the
same lines and show inclination towards similar products and brands is called Market
Segmentation.

For Examples : Wave money is in collaboration with convenient stores in Myanmar nation-
wide to provide financial transaction services. Currently, Wave Money has connected with over
4,000 agent shops across the country except Kayah, Kayin, Tanintaryi States. Wave Money aims
to have more than 15,000 by the end of 2017 to expand the distribution network. Wave money is
now building partnership with convenient stores in every street of biggest cities in Myanmar to
fulfil the above mentioned aim.

Wave Money focuses on the mass market and addresses to wide variety of potential customers.
However, Wave money commonly segments the market as follows. So the company can
understand the customer’s needs entirely and fulfill the requirements so the company can obtain
customer retention and competitive advantages.

(I)Demographic segmentation is the market segmentation based on the characteristic of the

customers such as occupation, age, income and so on. Based on customer’s occupation, Wave
Money is looking to direct clerical skilled and unskilled manual workers, merchants and
university students. In accordance with the age, Wave Money mainly target to the working adults
who are sending money to support parents and family and the university students who are
expecting to receive money from the guardian.

(II)Geographic segmentation is the market segmentation based on the geographical area. Wave
money targets the rural areas and the areas with limited access to the banks.

(III)Psychographic segmentation is the market segmentation based on the personality

characteristics. Wave money focuses on the customers with the perception of convenient and
speed. In addition, rural people prefer simple money transfer methods.

(IV)Behavioural segmentation is the market segmentation based on the specific behavioural

models. Wave money expects the customers who have a transaction of lower than 200,000 kyats.

3 . 2 Targeting

Once the marketer creates different segments within the market , he then devises various
marketing strategies and promotional schemes according to the tastes of the individuals of
particular segment.This process is called Targeting.

Targeting strategy of Wave Money is undifferentiated as the company focuses on mass market
and provides the mobile financial services to everyone across the country. Wave Money mainly
target to the working adults who are sending money to support parents and family and the
university students who are expecting to receive money from the guardian.

3 . 3 Positioning

Positioning is the last stage in the Segmentation Targeting Positioning Cycle.Once the
organization decides on its target market, it strives hard to create an image of its product in the
minds of the cosumers.The marketers create a first impression of the product in the minds of
consumers through positioning.

The company values are convenient and speed when transferring money. Wave money does not
have the direct competitors since it is the only licensed mobile financial service provider under
the law of Central Bank of Myanmar. However, Wave money has two types of indirect
competitors; the local banks and mobile money services. Compared to the local banks such as
KBZ bank, AYA bank, CB bank, Wave money charges are higher. However, the convenient and
speed for transferring money is much higher than the banks since the banks have limited access
in the rural and remote areas. Compared to the mobile money service providers such as
MYKYATS and MYPAY, Wave Money has over 4000 points of sale; therefore, it is very
convenient to the customers though the prices of Wave money are slightly higher.

Task 4

LQ . 1 : Understand how to create the Marketing Plan.

4 . 1 Marketing Plan

Most small business owners know the importance of a business plan, which outlines your
company’s course for success. One crucial element of that plan is your marketing
strategy.Because this strategy is buried in the larger business plan , many small business owners
may not give marketing the time , research and attention it deserves, assuming that they know
their customer base and how to reach them.But an in-depth and detailed approach to laying out
your marketing strategy can reveal opportunities from a new audience or potential product line ,
pitfalls in pricing, competition reaction, and potential reach.At its most basic , a marketing plan
describes who your customers are , where they get information ang how you are going to reach
them.

(I) SWOT Analysis

SWOT analysis is the business model used to evaluate the organization’s internal strength and
weakness with its opportunities and threats from the external environment. Strength is a resource
and a unique capacity that allows an organization to achieve its defined objectives. Weakness is a
limitation or a defect that disrupts process toward defined goals. Opportunity is the internal or
external forces that allow an organization to perform more effectively. Threat is an unfavorable
situation that disrupts the strategy of the organization by presenting a barrier or constraints.
Therefore, SWOT analysis is analyzing the issues that influence a company’s competitive
position in the market. A strategy that takes advantages of the opportunities by using its
strengths or correcting its weakness can achieve their goals. A SWOT analysis is useful in
strategic and business level planning. An organization can examine the internal and external
factors to achieve the goals. (Kim, 2005) SWOT analysis is mainly used in business level.
(II) Value Chain Model

Value chain can be used to understand the activities included in the value proposition and highly
used in business and operation level. Therefore, an organization can get competitive advantages.
Value is the amount that customers are eager to pay for what a firm provides them. The value
chain shows total value and consists of value activities and margin. Value activities can be
divided into two broad types, primary activities and support activities.
Primary activities can be divided into the five generic categories.
 Inbound Logistics – Activities associated with receiving inputs to the product
 Operations – Activities associated with transforming inputs into the final product form
 Outbound Logistics – Activities associated with collecting and physically distributing the
product to buyers
 Marketing and Sales – Activities associated with inducing the buyers to purchase the products
 Service – Activities associated with providing service to enhance or maintain the value of the
product
Support activities can be divided into the four generic categories.
 Procurement – This is the function of purchasing inputs used in the firm’s value chain.
 Technology Development – It consists of a range of activities that can be broadly grouped into
efforts to improve the product and the process.
 Human Resource Management – It consists of activities involved in the recruiting, hiring,
training and development of all types of personnel.
 Firm Infrastructure – It consists of a number of activities including general management,
planning, finance, accounting, legal, government affairs and quality management. (Porter,
1985)

Task 5

SQ . 1 :Understand the Marketing Mix in Marketing Strategy.

5 . 1 : Marketing Mix in Marketing Strategy

The marketing mix is the set of controllable , tactical marketing tools that a company uses to
produce a desired response from its target market . It consists of everything that a company can
do to influence demand for its product . It is also a tool to help marketing planning and
execution.

The marketing mix can be divided into seven groups of variables commonly known as the Seven
Ps.

Wave Money is target to undifferentiated mass market. The market is segmented mainly to
working adult to transfer money to rural area where people prefer simple method of money
transfer. The services have been conveyed and communicated to the customer by means of the
following marketing mix.

Product –The main service is domestic remittance and phone top-up services. Wave Money is
planning to develop the product portfolio to include bill payments. Wave Money is developing
mobile application therefore the customer can transfer money instantly.

Price – Wave money collects commission fees by using competitive pricing strategy. Even
though the service fees are significantly higher than the rate of bank transfer charges, the service
fees are nearly the similar as other mobile financial service providers.

Place–The services are delivered not only through the agent shops, but also through a mobile
application. Wave money used exclusive distribution channel by appointing its agent shops at
some of the most easily accessible locations across cities and towns that are made available to all
customers. The services are available through a distribution network of more than 4000 Wave
shops.
Promotion – Wave money is using various advertising and promotion strategy. As the product is
technology based and social network are very demandable, Wave money offers online promotion
by giving weekly lucky draw. It is launching campaign consists of a combination of traditional
above-the-line marketing (TV, radio, print) and nationwide below-the-line customer engagement
program.

People – Employees are playing in the important role of customer services which is available for
24 hours. Even though the role of people is not visible, the knowledge of the products and
communication is very critical to the organization.

Process – There are two scenarios for the customers. The first one is using the service with its
personal account and mobile application. The customer can install the application and deposit the
funds at the nearest agent shop. He then transfers to the target recipient any time via the
application to the recipient’s account. The recipient can withdraw the cash from the nearest agent
shop. The second one is using the service without using mobile application. The transferor
directly goes to the agent shop and transfer funds to the nearest agent shop of recipient. The
transferor will get the SMS code then he gives the code to the recipient privately. The recipient
needs to verify the SMS code upon withdrawal.

Physical Evidence – Physical evidence is used to solid the service. Wave money holds the
signage with the logo at all the agent shops. Wave money uses the logo as follows.